Hyderabad, Dec 24 (UNI) Police arrested two people and seized counterfeit currency valued at Rs 2.5 lakh, in denominations of Rs 500, Rs 100 and Rs 50, here today.
Police said the racket was busted after one Ramesh, hailing from Nizamabad district, was arrested at a hotel in the city yesterday with counterfeit notes worth Rs 50,000.
Based on his confession, the police team raided a house near Gudimalkapur and effected the seizure of balance amount.
Another person identified as Venkatesh from Tamil Nadu was also arrested.
Police said they were also on look out for one Narayana Reddy, the main accused.
A printer, scanner and a laptop were seized from the house, police added.